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Clarifying 8 Misconceptions Surrounding Long-Term Care Insurance

I want to begin this second installment about long-term care insurance (LTCI) by thanking my colleague, Jonathan Marsh, owner, Home Helpers® Bradenton, for creating such a comprehensive video series with extensive information to help current and future LTCI policy owners.

There are at least 8 misconceptions about long-term care insurance (LTCI) that should be clarified, so you can make informed decisions if/when the time comes to invest in an LTCI policy, or you need to file a claim.

Here I review the top 8 most common misconceptions and provide clear truths you can trust. One truth is, many LTCI policy holders never use their benefits when they would’ve, could’ve, or should’ve.

Misconception #1 – I am healthy and won’t need long-term care.

As I mentioned in the first installment about LTCI, Understanding Long-Term Care Insurance, statistics show that 70% of individuals will need long-term care in their lifetime.

Misconception #2 – My savings will cover any care I might need.

On average, Americans between the ages of 55 and 64 have an estimated $104,000, in their savings account. Considering the costs associated with long-term care, your savings will be exhausted before your LTC needs.

Misconception #3 – I can postpone long-term care planning. I have time, and I am young.

Not necessarily. Statistics show that 41% of LTC recipients are under the age of 65. LTC is not just a consideration for the elderly!

Misconception #4 – Medicaid/Medicare will cover my LTC needs.

Medicare does not pay for long-term care services that are custodial or non-medical care services. Medicare usually only pays for skilled nursing, physical therapy, occupational therapy, and speech therapy.

Medicaid does pay for custodial services and medical care, but the benefits are solely for low-income recipients. As Jonathan mentions, we’ve found that Medicaid benefits are typically not enough. Additionally, there are typically not enough Medicaid providers to assist.

Misconception #5 – My health insurance covers LTC.

Health insurance does not always cover LTC. Major medical rarely covers non-medical caregiving or custodial services.

Misconception #6 – My family will take care of me.

If you are blessed to have family nearby to help you, that’s great! However, that’s not always the case with northern transplants and snowbirds! Remember, by placing this burden on even the most compassionate family caregiver, you are consciously putting them at risk financially, physically, emotionally, and mentally.

Misconception #7 – Long-term care means going to a nursing home.

As many as 43% of individuals receive their long-term care in the comfort of their own home.

Misconception #8 – It’s too late to plan for LTC.

The average life expectancy of men and women is approximately 80 years old. It’s not too late to start planning now for your future care needs and prevent becoming an unnecessary burden on your family.

I hope this synopsis and clarification of the top, most common misconceptions about long-term care insurance, and it helps you gain an honest perspective about LTCI and its benefits.

I welcome the opportunity to sit down for a FREE consultation and assessment of needs so I can be your advocate in filing LTCI claims for in-home care services. During this assessment, I will answer all of your questions and provide credible resources to guide you through the process of obtaining benefits and getting the care required to stay independent at home or in a community-based setting.

We, at Home Helpers® Clearwater, are honored to have received the Home Care Pulse – Best of Home Care® Provider of Choice Award 2016-2022 and the Best of Home Care® Employer of Choice Award 2022. We proudly serve male and female seniors in Clearwater, Dunedin, Palm Harbor, Safety Harbor, Tarpon Springs, Holiday, New Port Richey, Trinity, Port Richey, Hudson, and surrounding areas. Home Helpers®…we are Making Life Easier℠ 727.942.2539


Jonathan Marsh, Owner Home Helpers® Bradenton